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Names of 259 Pakistanis with links to offshore companies surfaced in Panama Papers — one of the world’s biggest ever data leaks made public by the International Consortium of Investigative Journalists (ICIJ) in 2016.

ISLAMABAD: Exactly two years after starting the exercise, the tax authorities have reported their first recoveries under the investigations into assets held by individuals named in the Panama and Paradise papers.

Data from the Federal Board of Revenue, obtained by Dawn, shows that the Karachi and Islamabad LTU have made the first recovery of tax since the start of the exercise.

The FBR has recovered a total amount of Rs6.2 billion out of total demand created in 15 cases. The recovery of the remaining amount of Rs4.64bn remains under process.

The break up shows that in six cases notices were issued to members of a single leading business family by the Islamabad LTU. The tax demand raised from the family was about Rs4.6bn out of which only Rs15m has been recovered from them.

The single largest tax demand of Rs3.164bn was raised from a Karachi based individual, which has been recovered in full by the Karachi LTU.

The second largest recovery of Rs2.691bn was made from another Karachi-based individual where the tax demand was also recovered in full, followed by another amount of Rs350m from a third individual also based in Karachi.

In Sept 2016, the FBR Intelligence Directorate issued 444 notices to owners of the offshore companies mentioned in the Panama Papers.

Documents seen by Dawn show that notices could not be delivered to as many as 151 Pakistani individuals categorised in 73 cases as “untraceable.” The only reasons mentioned for non-delivery is incorrect or incomplete address.

Moreover, another bulk of 78 cases was bracketed undelivered due to non-availability of sufficient particulars of these Pakistani individuals. Seventeen cases were unregistered so far due to other reasons.

Consequently, the proceedings were initiated only in 276 cases in which notices were issued to the individuals, who confirmed owning offshore companies. The only updates available with the FBR is that notices are being issued to these individuals and in most of the cases returns of income and wealth statements have been enforced.

The tax authorities plead that the leaks only identify the names of people who have investments in tax havens, but the challenge for the tax authority was to obtain details of the assets accumulated by those individuals, which were not shared in such leaks.

It was mentioned in the report that wealth declarations were filed regularly by the people named in the leaks, but no offshore asset was shown. In some cases, taxpayers have denied having any offshore asset and there is no source of verification available with the FBR.

In certain cases, individuals are not traceable specifically being non-resident.

Under the Paradise Leaks, a total of 38 individuals were identified who have purchased properties abroad. The FBR has issued notices to all those individuals who are traceable so far.

As per latest updates, proceedings were initiated and finalised only in two of these cases only so far by creating tax demands of Rs283.5m. However, no recovery has been made so far.

The third leak, the Bahamas Leaks named 150 Pakistanis. However, the whereabouts and identities were established only in 108 cases. But FBR has not issued a single notice to people named in Bahamas Leaks. “We have not issued a single notice”, a senior official confirmed to Dawn.

Comments (64) Closed

‘But FBR has not issued a single notice to people named in Bahamas Leaks. “We have not issued a single notice”, a senior official confirmed to Dawn.’

Yhe reason why, must be stated.

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Ali

Sep 09, 2018 11:43am

NOT FAIR NOT FAIR. Name and shame the tax evaders!!!

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Waqar

Sep 09, 2018 11:46am

Congrats! There were many indian names as well on panama papers but not a single farthing recovered so far.

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j

Sep 09, 2018 11:48am

did they recover this money from abroad or within pakistan?

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HAKIM

Sep 09, 2018 11:58am

Rs 10 billion ! Big deal.

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NKAli

Sep 09, 2018 12:16pm

It heartens me that recoveries under the Panama and Paradise corruption disasters are being made. Equally disappointing is that names of the corrupt are not being given. This will put a potential business deal in danger because the second party will not know the first party is a judgement debtor from who a recovery has been made. Salams

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F

Sep 09, 2018 12:34pm

Good atleast that recoveries have started. Keep on the push.

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Anti-Corruption_Pakistani

Sep 09, 2018 12:37pm

I say to FBR that It's peanut - please recover all looted money, don't let corrupt mafia get away. In my view, FBR have to speed up and recover more money, as country needs to payback our debts - recovery of all looted money is the only answer to our current financial difficulties.

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Shafiq Khan

Sep 09, 2018 12:40pm

Isn't it time for heads to roll in the Revenue department How come the Federal agency whose only job is to collect correct taxes from the country has failed so dramatically.
In this country of the pure where honesty is supposed to be the top priority, hundreds of illustrious and social movers and shakers have been allowed to decide if they want to pay taxes or not.

I think it is time to throw out the bad apples, there is no shortage of others to fill the vacancies.

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Awan

Sep 09, 2018 12:41pm

What people don't know that this process was already started by PMLN. So it is not something new from PTI.

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ARIF

Sep 09, 2018 12:50pm

Good work FBR.

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Wajih Qidwai

Sep 09, 2018 01:07pm

well done FBR

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KK

Sep 09, 2018 01:20pm

Good then no need for begging DAM money

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Wow

Sep 09, 2018 01:22pm

@Awan the process of Panama Leaks leading thd investigation and subsequently collect of looted money hax nothing to do with PMLN. They were against any investigation, especially involving their leaders.

PTI was one if the main parties pursuing the cause and now will intensify the process further, inshallah.

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Aspaghol ka chilka

Sep 09, 2018 02:21pm

Good job.... bring people money back .

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Afzal nadir

Sep 09, 2018 02:22pm

Good start...keep it up

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Nauman M

Sep 09, 2018 02:40pm

@Awan

OK, so please boost our confidence further by telling us the Sharriffs too have paid up the overdue taxes on the stashed away wealth?

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Alba

Sep 09, 2018 02:46pm

----------- . Rs6.2 billion. Not bad.

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Akram

Sep 09, 2018 02:51pm

The FBR needs to learn from similar tax authorities abroad how to better ensure it is notified regarding tax. This will have to come in the form of bilateral treaties with tax havens in some way.

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Akram

Sep 09, 2018 02:53pm

@Awan you forgot to mention the PML-N leader and his family was himself one of the tax avoiders whilst sitting in Prime Ministerial office!

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Jalil yousaf

Sep 09, 2018 03:02pm

Yes but millions of more cases. Check the records of all properties bought or sold during past 15 years and see if their tax returns tally with their investments. And this recovery must be used with transparency

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flying star

Sep 09, 2018 03:08pm

put all this money in dam construction, good job.

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Dr Mahmood

Sep 09, 2018 03:35pm

Can we have the list of the untraceable people so that we get the 20% of the recovered amounts?

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reja

Sep 09, 2018 03:59pm

@Awan
Then they should first return the money they looted...

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Photon

Sep 09, 2018 04:01pm

The credit owes to the earlier government of NS.

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Iftikhar Husain

Sep 09, 2018 04:03pm

Go on chasing the people who have looted the nation wealth.

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FairPlay

Sep 09, 2018 04:16pm

The money is out there find it and bring it home to make pak a better place.

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Zanoc

Sep 09, 2018 04:25pm

Well done. Keep it up. Bring all money from looters

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Husain

Sep 09, 2018 04:59pm

@Awan It is not something done by PMLN. They were busy attending Nawaz Sharif's court proceedings. REMEMBER!!!

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Nks

Sep 09, 2018 05:05pm

Put the money in dam fund

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Jamil Soomro, New York City

Sep 09, 2018 05:09pm

@HAKIM It is a big deal.This money can surely be used by the Govt.to feed the malnourished children of Pakistan
who are dying premature deaths and are suffering from stunting.It is against our conscience to see this happen in
Pakistan.

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Shujaat Khan

Sep 09, 2018 05:10pm

Why the names of evaders are withheld?

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Tahir

Sep 09, 2018 05:11pm

A ray of hope for nation that Govt will retrieve money appropriated by corrupt Pakistanis.

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Omar

Sep 09, 2018 05:30pm

Recover money from FBR employees who are the real problem.

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Shah

Sep 09, 2018 05:34pm

So much theft. Amazing how people got away with it for so long including Nawaz Sharif.

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Malik K

Sep 09, 2018 05:37pm

Good job by new government. Keep it up.

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Ahmed

Sep 09, 2018 05:43pm

What are the names of these individuals? Dawn has seen the papers it says.

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Ahmed

Sep 09, 2018 05:47pm

Good job. Don't hold back, name and shame these people.

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MONIER

Sep 09, 2018 05:54pm

This is great news. Pakistan is on the moving forward to of eliminate corruption.

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MONIER

Sep 09, 2018 05:57pm

@Awan PML - N and PPP are the culprits here who during their tenure allowed such problems to develop and fester the economy.

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Faheem Jan

Sep 09, 2018 05:59pm

Good Work FBR keep it up,

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Syed Zafar Kazmi U.S.A

Sep 09, 2018 06:11pm

Congratulations on the great success in the right direction. Recover every penny looted from Pakistan Best of luck

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Amir Dewani

Sep 09, 2018 06:52pm

It is all about eye wash and hoodwinking by the FBR. So long as the top bosses of FBR, (corrupt to the core, excepting a few), are not sorted out, the flimsy reports will continue floating in the air.Mr.Imran Khan, must not get blinded by such recovery reports. Those corrupt officials/secretaries/diplomats are holders of dual nationalities. They are billionaires, holding holding tax haven accounts and properties in the names of their families already out of Pakistan. Mr.IK's government must focus on such reports, or go on drifting blindly in the sky.

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Observer-Indian

Sep 09, 2018 06:58pm

Is any thing recorded from Ex PM Mr NS and his family ?

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FAS

Sep 09, 2018 07:03pm

Way to go!! I hope this is the beginning.

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Desi

Sep 09, 2018 07:04pm

Why hide the names of the individuals involved? The whole country has a right to know the names who are robbing the country

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Garib Awam ki_Awaz

Sep 09, 2018 07:07pm

I want to know when will FBR be able to recover all awam's looted money? I also find FBR's progress very slow and say to them speed up and don't be complacent.

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NACParis

Sep 09, 2018 07:15pm

Name the families from whom amount have been recovered as they are mostly from Karachi. Are they front men for Zardari?? What about big cats sitting in Punjab. FBR should publish the list of untraceable people and the companies involved as ghost names might have been used to siphon the amounts. Surely in UK their will be many lawyers who will help free of charge to trace them for an offer 20% reward

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Concerned Pakistani

Sep 09, 2018 08:42pm

@Awan I can understand your desperation.

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Magnanimous approach

Sep 09, 2018 09:05pm

@Zak .Please be patience, it’s a long way ahead, we must congratulate FBR for recovery. Ofcourse all offshore accounts be probed.But charity should simultaneously began at home.There are news viral on media about 46 big plots at Clifton covertly grabbed by some family, yet same family gradually got hold of the sugar mills in Sindh, yet again same family indulged in massive misappropriation and land grabbing, and looted Pak wealth in collusion with top Pak property tycoon.
The FBR, NAB,FIA, the PM , and President, must take notice about the big ones,
then only Pak can have greater wealth reserves to done away with the trade deficit,and money for big dams, needed urgently, hence actions must be fast and accurate.

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M. Afzal Riaz, MD

Sep 09, 2018 09:16pm

Who cheat in billions and take advantage of Pakistan are unpatriotic.

Recover every rupee even if tax authority sell their assests.

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LAHORI KID

Sep 09, 2018 09:22pm

Good start, but these individuals not only should pay the back taxes, they should be paying the interest and penalties as well, charge them 10% interest monthly since it was due, which compounds each month if not paid in full by the due date. If the people have to pay the interest and penalties, I promise they will think twice next time. Their money has been either sitting in the banks collecting interest or has been invested and they are reaping the profits from it

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Arif Godil

Sep 09, 2018 09:27pm

This is peanuts. Ple

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Arif Godil

Sep 09, 2018 09:28pm

Please shake up the whole structure of FBR.

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Garib Awam ki_Awaz

Sep 09, 2018 09:30pm

@Awan - come out of your cuckoo land and accept ground realities, in fact, Nawaz Sharif and his corrupt cronies did nothing to catch tax dodgers and introduced corrupt at all level. This was their goal, so that money could be made through corrupt practices, and no wonder, we are in mess because of NS and his associates.

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khurram

Sep 09, 2018 09:59pm

Well done FBR officials....however, why do they shy away from publishing the names of the culprits..???!! , sound suspicious too..!! Should a criminal not be exposed to show the people of Pakistan that such suckers exist in the country..?
Each and every person of the companies / industries etc. should be exposed and be penalized with heaviest of Penalties, together with their and their companies names, to serve the justice and satisfaction of the Pakistani citizen. Why protecting the names of criminals..!!??

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Ahsan Yatu

Sep 09, 2018 10:38pm

Those interested in knowing about Bahamas leaks
should wait. Everything related to worldwide
terrorism , religious or economic, will come out.

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Shahbash

Sep 09, 2018 10:38pm

That’s great I really hope that could be use to built dam

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Feisal Rahimtoola

Sep 10, 2018 01:51am

Were the notices sent by caretakers or during PML-N tenure?

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Haris

Sep 10, 2018 06:53am

Thanks to Imran Khan for making so much fuss over the years. Otherwise, this issue deemed to be put under the carpet.

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Be honest

Sep 10, 2018 07:32am

Those people who provided incorrect and incomplete addresses should be chased at all cost. Cannot let them go. Pakistani authorities must work hard to trace them for the sake of heavy tax recovery,which they evaded.

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Ahmer Ali Khan

Sep 10, 2018 01:04pm

This is a good news. Pakistan taking steps towards right direction.

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Ranajyoti

Sep 10, 2018 06:43pm

Good start, appreciate it as Indian. Hope to see financially self reliant Pakistan. Request it to use in overhauling the existing primary education.